Binance Refutes Market Manipulation Claims; Trump Champions Crypto, and U.S. Democrats Propose Crypto Mixer Ban
Summary:
Binance has firmly rejected allegations of market manipulation by DWF Labs, reported by an anonymous former insider. In other news, former U.S. President Donald Trump hosted an NFT event at his Florida home, highlighting his support for crypto and claiming his collection made NFTs popular again. Lastly, a temporary ban on cryptocurrency mixers is being considered by a group of U.S. Democrats under the potential "Blockchain Integrity Act.
Contrary to Wall Street Journal's claims made by DWF Labs about Binance involving in market manipulation, the leading cryptocurrency exchange denies all charges. Meanwhile, the ex-President of the U.S., Donald Trump, made some noteworthy remarks during his "Mugshot" NFT holders' gala dinner. In other news, a group of U.S. legislators are keen on imposing a temporary ban on crypto mixers.
Allegations have been swirling around about DWF Labs manipulating the market, which Binance bluntly dismissed. A supposed former insider of Binance, who chose to remain anonymous, informed The Wall Street Journal that during 2023, Binance spotted wash trading worth $300 million by DWF.
In response to the alleged market manipulation episode, Binance rubbished the claims. The crypto exchange assured that it has a vigorous market surveillance mechanism that primarily detects and counterattacks market malpractices. Violators of its use policy are straightaway expelled.
The Wall Street Journal reported that in 2023, the Yield Guild Game (YGG) token and six other cryptos underwent price manipulation by DWF Labs, an assertion that Binance debunks, citing its strict surveillance protocol.
In a recent NFT event hosted by Donald Trump at his Florida residence, the former US president made some remarkable statements. Trump aspired to create a friendlier regulatory climate for crypto firms and entrepreneurs by eliminating the existing animosity towards crypto. Trump's "Mugshot" NFTs and other compilations contributed to the resurgence of NFTs, according to the former president himself. Interestingly, Trump expressed his aversion to the Jeo Boden (BODEN) meme coin linked to Joe Biden, which currently has a market cap of over $260 million.
A group of five Democrats from the U.S. has proposed a bill to the House of Representatives aiming to temporarily halt the use of cryptocurrency mixers. This proposed "Blockchain Integrity Act," upon implementation, could lead to a penalty up to $100,000 for financial institutions involved in handling funds from mixers.
The suggested interim measure would stay for two years, giving the lawmakers a satisfactory time frame to assemble a comprehensive report on the usage and implications of mixers. As expected, the crypto community reaction has been brutally forthright. Many users have proposed that fiat currencies like the U.S. dollar are often used to fund terrorism, and hence, the unjust singling out of cryptocurrencies is questionable.
Published At
5/9/2024 3:09:31 PM
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